Electric Hydrogen raises US$380 million

The funding round was led by Fortescue, Fifth Wall and Energy Impact Partners and included new investors: bp Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, the United Airlines Sustainable Flight Fund, New Legacy, Kajima Ventures and Fatima Holdings USA. Existing strategic investors – Amazon’s Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, and Rio Tinto – continued their participation, as did previous financial investors Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures.

Electric Hydrogen's electrolyser systems produce green hydrogen from renewable electricity and water. Until now, switching from fossil-based sources to renewable green hydrogen has been too costly to be implemented at scale. Electric Hydrogen is manufacturing and plans to deliver and commission 100 MW electrolyser systems, each capable of producing nearly 50 tpd of green hydrogen at transformational low cost to help its customers meet their decarbonisation goals.

“We’re here to replace natural gas and coal with renewable green hydrogen. To address the global climate challenge, we need new technologies that help critical industries reduce their emissions. Electric Hydrogen’s 100 MW electrolyser systems do that”, said Raffi Garabedian, CEO and Co-founder of Electric Hydrogen. “Today’s hydrogen comes from natural gas and coal and accounts for around 2.5% of global carbon emissions. There has not been a viable solution to this problem because renewable green hydrogen has been too expensive to produce at scale. The Electric Hydrogen team is changing that and the opportunities for decarbonisation go far beyond today's applications”.

The company is currently installing manufacturing equipment in its 1.2 GW factory in Devens, Massachusetts, US. The factory will begin producing commercial electrolyser systems in early 2024, with deliveries later in the year including the first customer-sited electrolyser plant to be installed in Texas for New Fortress Energy. Electric Hydrogen has more than 5 GW of its electrolysis systems reserved by customers and anticipates strong ongoing demand.

Read the article online at: https://www.globalhydrogenreview.com/hydrogen/04102023/electric-hydrogen-raises-us380-million/